{UAH} Ocen/ The sale of Uganda Foods and Beverages.

In the 90s ,govt embarked on large scale selling off govt owned parastatals.

However, the manner in which they were sold ,should have given an insight into which the NRM gov't would recklessly operate.

It was simply broad daylight highway robbery.

Look at how UCB was disposed off, Uganda Hotels , UP&TC etc

I give an example of Foods and Beverages. I will leave out names intentionally.

First, a bunch of young insiders, one a very young promising lawyer attached to the privatization unit identified the Foods and Beverages.

Then came the plan. For the price that was set, all they needed was 10% down payment ( never mind that the balance was never paid),it came to 100 million shs.

They obviously did not have it.

The idea was then sold to a very wealthy man of the "mafuta mingi" era. He had made his money during Amin presidency thru smuggling. He had zero business ethics and very uneducated. These young mafia schemers had also hoped to capitalize on his ignorance.

Next was the bidding process. By the time several bidders where arriving at the venue, the bidding of Foods and Beverages was finished.

With assets worth over $ 5 million, It was now in the hands of these young men.

Unfortunately for the young men, the businessman got to know the real value of what was now in his possession. Buildings, M.A.N trucks, all stores around the country were full of merchandise.

These young mafia had hoped to run it as before. With no capital injection  needed, they knew that they had hit a jackpot.

Once the wealthy dude had realized how God had pissed in his hands, without informing his youngstars, he simply started the sale of everything. The proceeds from the trucks alone covered his initial investment.

By the time it was all over, the young men were left holding an empty bag and badly bruised.

If you think they forgave him, think again. The dude is as poor as a church mouse. Our colleagues hold very powerful posts in govt.

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